Local Construction Audience Applauds Good Economic News

HOUSTON (August 14, 2015) – Mobil Steel International, Inc. hosted three state elected officials to hear national economist, Anirban Basu, share positive economic information about the U.S., Texas and Houston economies. Basu’s message of growth and economic momentum for the region was well-received by the elected officials and the local construction industry audience hosted by the Associated Builders and Contractors of Greater Houston.

In his after-breakfast address, Basu shared that the United States economy is projected to grow 3.1% in 2015. Basu also noted that every state currently has economic momentum. Texas, which is in a state of expansion, collects more taxes today than before the recession and had an unemployment rate of just 4.3% in May 2015. In Houston, job growth was up 2.1% from May 2014 to May 2015. Houston’s unemployment rate of 4.2% ranks 5th lowest among the 20 largest U.S. metropolitan areas.

In specific regards to the construction industry, Basu shared that the biggest challenge is a skilled labor shortage. This shortage is leading to surges in higher wages for skilled laborers. Despite the shortage, Texas added 20,300 construction jobs from May 2014 to May 2015, good for 3rd most in the United States. More than 10% of those new construction jobs were placed in Houston.

House members from the Houston delegation appreciated the good news about the region. Texas State Representatives Ed Thompson (District 29), Dennis Paul (District 129), and Wayne Faircloth (District 23) joined Mobil Steel President & CEO, Leonard A. Bedell, and Business Development Manager, Stuart Robles, at the breakfast event last month.

House members from the Houston delegation appreciated the good news about the region. Texas State Representatives Ed Thompson (District 29), Dennis Paul (District 129), and Wayne Faircloth (District 23) joined Mobil Steel President & CEO, Leonard A. Bedell, and Business Development Manager, Stuart Robles, at the breakfast event last month.